Make sure and claim all your deductions to the IRS

Article Abstract:

There are many income tax deductions that physicians may be eligible to claim on their tax filings with the Internal Revenue Service. Many state taxes are deductible on federal tax forms, such as the personal property taxes paid for automobiles or motorcycles, or those paid as state and local income taxes. Charitable contributions and periodic donations to religious bodies are also deductible, as are the noncash donations that take the form of unwanted clothing or household merchandise. Deductions allowable against outside income include expenses incurred in the earning of that income.

Personal Income Tax Deductions, Methods, Analysis, Taxation, Personal finance, Column, Tax deductions, Income tax, Personal income tax

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New year a good time to resolve to keep better records

Article Abstract:

The beginning of the new year 1995 offers physicians an opportunity to make beneficial changes in the way they keep records and gather information for their medical practices. Comprehensive files should be started for things such as business automobiles and business entertainment. Additional areas that could benefit from improved organization include out-of-state use taxes, 401(k) taxes and deferred taxes. The new year is also a good time to create a business plan that tracks patient referrals for marketing purposes.

Corporate Income Taxes

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What to consider in negotiating sale of your practice

Article Abstract:

Several issues that physicians should consider when negotiating the sale of their group practice to a hospital are discussed. They should make sure that the sale contract adequately covers several key areas. The contract should state not an absolute sale price, but a method for calculating the practice's sale price, because the value of the practice's assets could change before the deal's closing date.

Hospitals, Mergers, acquisitions and divestments, Group medical practice

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